Weekend Research

I did a lot of research this weekend while watching the Rangers, Jets, and Giants games (awesome sports Sunday). You can find the best setups on my Chart.ly stream.

Here’s what I’m feeling overall. It looks like a lot of stocks need about another week inside their consolidation patterns. Here’s the problem, many, especially in tech, look like they need to bounce right here or risk falling below important support and moving average levels. The market as a whole is in the same situation, back down to support and the 20 day moving average. A strong close Monday will be extremely important to many of these patterns, it will allow more time for chop before the next leg up. I would wait for a strong close tomorrow to be adding significant exposure, but if we do get it, jump in and set some tight stops below Friday’s low, it will be a big pivot point.

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